In the third quarter of 2021, starting July 1st, Jeff Bezos, the founder of Amazon, will be stepping down from the CEO position to the role of executive chair. Bezos founded Amazon in 1994, 27 years ago, in Bellevue, Washington, as an online bookstore, and has evolved into the massive online shopping empire that it is today. Once Bezos steps down from the role, current Chief Executive of Amazon Web Services, Andy Jassy will take over the CEO position.

According to Brian Olsavsky, the chief financial officer of Amazon, Bezos will still have an important role in the company, saying “He’s going to be executive chairman, super important role, super active in the Amazon success story.” (Source: NBC News)

In an Email Jeff Bezos sent to employees he said “As Exec Chair I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions. I’ve never had more energy, and this isn’t about retiring. I’m super passionate about the impact I think these organizations can have.”

Bezos, who is one of the richest people in the world, still remains a large shareholder of Amazon, owning over 10% of the shares of the company, so he will still be very involved with the company, no matter his position. (Source: Business Insider)